Want to Buy Car Insurance? Here are 9 Tips to Get Accurate Car Insurance Quotes
- DetailsWritten by PolicyBazaar -
Updated 29 April 2019
Everyone prefers to get the best rate when he or she buys anything. Unfortunately, not enough people consider a thorough due diligence before shopping. The same applies to insurance. Insurance is simply a financial product offered by companies that are also trying to make the best out of the business market. So getting the best deal on car insurance has got a lot to do with understanding the market, your vehicle, how it is being evaluated and the premium calculation.
You rarely ever agree on the first quote and do not rest until you find best insurance quote that offers you maximum insurance coverage at minimum insurance premium. You can avoid plenty of optional charges, expenses if you put in the right kind of research and have a bit of patience.
It all Starts with knowing What you Want
The first unspoken rule shopping, be it for clothes, shoes, cars, or insurance products, is that you need to be certain of what you are looking for. Otherwise, anything and everything is likely to distract you or seem like a good buy.
If you are looking for a pair of the right jeans, a ball gown dress on discount is unlikely to faze you but if you don’t know what it is you’re looking for, even the most absurd offer or product will take up your fancy. When it comes to car insurance policies, you need to be certain of the kind of cover you are looking for. In the market, there are products that offer various covers and to get the right car insurance quote, you need to know what insurance cover you need. Furthermore, you need to know if you want to buy a cover for just one car or more. Some insurance policies would show a higher quote for one car versus multiple and if you know this in advance you can save yourself time in going back and forth checking car insurance quotes.
Here are 9 Tips to Get accurate Car Insurance Quotes.
1. What is your Budget?- In order to find an insurance plan that is ideal for you, you need to have a budget in mind. Depending on your budget, you will be able to filter out several high premium insurance policies. Also, depending on your budget, the coverage of the insurance policies is likely to change. A higher budget will provide car insurance quotes for comprehensive insurance plans as compared to the lower budget insurance policies.
2. What is your Driving History?- When it comes to getting car insurance quotes, your driving history will affect the insurance premium rates and the kind of coverage you are likely to get.Since car insurance companies estimate your risk of getting into a road accident, they take a keen interest in your driving track record. Any traffic violations, accidents in the past or tickets received are likely to be accounted for in calculating your car insurance quotes.
If you have violations under your name, disclosing them to the insurance company when applying for insurance will help you get a lower rate on your insurance premium. Since the insurance company is going to look into your records, it is best to disclose the information before they end up finding it. Also, if you are aware of violations and are yet to pay the charges for the same, pay it as soon as possible. It will reflect on your record and you can expect some leniency from the insurance company.
3. Life Events and Changes- While all major changes in your life may not have an impact on your insurance policy quotes, some will. When it comes to measuring risk, a lot of factors are considered. Many of these factors are decided based on perceptions and past data assumptions.For example, insurance companies consider parents as more responsible drivers than those without children. This perception can have a significant impact on your insurance quote. Similarly, if you are relocating to a new location, the company will assess your risk to the company based on the information they have about the respective area. The escalation in car vandalism or thefts will most likely mean a higher car insurance quote for you. Your profession may also be scrutinized by the insurance companies based on certain prejudices as being less or more risky from the company’s point of view. So take account of these changes in your life and accordingly assess the impact it can have on your car insurance policies.
4. Providing the Necessary Information- Since insurance companies assess various factors before providing you with a car insurance quote, they need plenty of information from you. Readily having this information helps speed up the process.For example, an insurance representative comes to your home for inspection of your car. He/she asks you for certain documents that you do not have at your disposal at the time. He/she gladly agrees to come back another day to complete the formalities. On the day of the representative's arrival, you still have some documents missing. She agrees to return a third time to complete the formalities. If the third time again, there is something missing, you are most likely irk the representative and also cost the insurance company a bit of money. While there would be no way for you to prove this but there can be chances that you will get a higher car insurance company then expected. A large part of it would be a result of the inconvenience you ended up causing the representative.
To be on the safe side, avoid causing inconvenience to the insurance company and be prepared with all the required documents well in advance.
5. Be Smart when it comes to Buying Insurance- First of all, do a thorough research. Use online car insurance calculators; speak to car dealers, insurance agents and any other source from where you can get credible information.Wait before you go ahead and settle on the first car insurance quote you get. Consider looking at a minimum of three to four options before deciding on which product you are willing to go ahead with. Furthermore, do not hesitate to negotiate a little. Once you have decided on the car insurance plan of your choice, speak to the representative and try to negotiate the car insurance quote. Consider looking for discounts, privileges and benefits you are likely to have when you decide to go with the plan.
6. Your Credit Score- Credit score and rating is a way for financial institutions to measure the risk involved when dealing with insurance applicants. While the rating is not indicative of a person’s behaviour or actions, it acts as a predictive measure to assess the possibility of fraud or malpractice.
Not all insurance companies consider looking at a person’s insurance credit rating but some do and this can have a significant impact on your car insurance quote.Stay informed about the approach the car insurance company is likely to follow with respect to credit ratings and know your own credit rating as it will help you get the best car insurance quote.
7. Claims History- This answers the basic question-whether you have filed car insurance claims in the past or not? Insurers are interested in such information as it helps them to evaluate the risk element you bring for the company. Additionally, it helps them to figure out how to marginalize the same.If you have filed insurance claims before, there is nothing to worry about. Simply inform the insurer about the previous claims. The disclosure of such information will have a positive effect. While you can expect a slightly higher car insurance quote than the one you would get if you had not made any claims, upfront disclosure will have a stabilizing effect on the increase. At a later stage, you can also negotiate the rate you receive with the insurer if you feel that your claim was simply a one-off chance and quite unlikely to repeat in the future.
8. Specifications of your Car- While it may seem like a no-brainer when looking for a car insurance quote, oftentimes we limit ourselves to only providing the car name when researching. If you want to get an accurate car insurance quote, you should provide your car model number, the year of manufacture and dealership details. These added bits of information help the insurance company compute the value of your car, depreciation on the overall asset as well as the potential risk. Therefore, it provides you with the right car insurance quote.As you look into a variety of car insurance options, you realise that there can be a major difference between the types of quotes offered by different insurance providers. If you follow the pointers given above and filter your search with the exact requirements, you have and the appropriate details of your profile (including that of your car). As a result, you are most likely to get accurate car insurance quotes. The difference you see in the quotes would be attributed to offers, deals and underwriting charges by different companies, allowing you to choose the one that is the best for you.
9. Buying Car Insurance Online- In addition to the pointers we shared earlier in the article, you should shop smarter when buying insurance online. As opposed to buying insurance directly from the insurance agents and brokers; you can use online insurance comparison tools offered by insurance aggregators. It offers a convenient one-stop solution to all your needs.In the day and age of technology, you need to be smart when buying insurance online. For starters, you need to be sure that the insurance policy you are considering is the right one for you and supports all your needs.
Over to You
Additionally, check the terms and conditions in order to be sure that the tenure, premium rate and all other particulars of the insurance policy meet your expectations. In order to get the right quotes and the correct deal on your insurance policy, you also need to provide the correct details.While filling up the details, it is important to ensure that the details are correct as it will help you come across the right deal.
We hope this information helps you get accurate car insurance quotes.
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